§ 12c. Disciplinary actions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1922

   Commodity Futures Trading Commission Act of 1974

   Pub. L. 93–463 title II § 216 · 88 Stat. 1389

   Enacted · 7 U.S.C. § 12c

   Sept. 21, 1922, ch. 369, § 8c, as added Pub. L. 93–463, title II, § 216, Oct. 23, 1974, 88 Stat. 1405

   Source evidence

   Code source credit
   Sept. 21, 1922, ch. 369, § 8c, as added Pub. L. 93–463, title II, § 216, Oct. 23, 1974, 88 Stat. 1405

   Enacted provision · exact public law section
   Sec. 216. The Commodity Exchange Act, as amended, is amended Disciplinary action. by inserting the following new section immediately after section 8b (7 U.S.C.12b): Sec. 8c. (1) (A) Any exchange or the Commission if the exchange 7 USC 12c. fails to act, may suspend, expel, or otherwise discipline any person who is a member of that exchange, or deny any person access to the exchange. Any such action shall be taken solely in accordance with the rules of that exchange. “(B) Any suspension, expulsion, disciplinary, or access denial Notice. procedure established by an exchange rule shall provide for written notice to the Commission and to the person who is suspended, expelled, or disciplined, or denied access, within thirty days, which includes the reasons for the exchange action in the form and manner the Commission prescribes. Otherwise the notice and reasons shall be kept confidential. “(2) The Commission may, in its discretion and in accordance with such standards and procedures as it deems appropriate, review any decision by an exchange whereby a person is suspended, expelled, otherwise disciplined, or denied access to the exchange. In addition, the Commission may, in its discretion and upon application of any person who is adversely affected by any other exchange action, review such action. “(3) The Commission may affirm, modify, set aside, or remand any exchange decision it reviews pursuant to subsection (2), after a determination on the record whether the action of the exchange was in accordance with the policies of this Act. Subject to judicial review, any order of the Commission entered pursuant to subsection (2) shall govern the exchange in its further treatment of the matter. “(4) The Commission, in its discretion, may order a stay of any action taken pursuant to subsection (1) pending review thereof.”

2. 1978

   Futures Trading Act of 1978

   Pub. L. 95–405 § 18 · 92 Stat. 865

   Substituted · 7 U.S.C. § 12c(1)(B)

   Pub. L. 95–405 substituted “An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty imposed, but shall not disclose the evidence therefor, except to the person who is suspended, expelled, or disciplined or denied access, and to the Commission” for “Otherwise the notice and reasons shall be kept confidential”

   Source evidence

   Code amendment note
   Par. (1)(B). Pub. L. 95–405 substituted “An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty imposed, but shall not disclose the evidence therefor, except to the person who is suspended, expelled, or disciplined or denied access, and to the Commission” for “Otherwise the notice and reasons shall be kept confidential”.

   Enacted provision · exact public law section
   Sec. 18. Section 8c(1)(B) of the Commodity Exchange Act (7 U.S.C. 12c(1)(B)) is amended by amending the last sentence to read as follows: “An exchange shall make public its findings and the reasons for the exchange action in any such proceeding, including the action taken or the penalty imposed, but shall not disclose the evidence therefor, except to the person who is suspended, expelled, or disciplined, or denied access, and to the Commission.”.

   Effective date note
   Amendment by Pub. L. 95–405 effective Oct. 1, 1978, see section 28 of Pub. L. 95–405, set out as a note under section 2 of this title.

3. 1992

   Futures Trading Practices Act of 1992

   Pub. L. 102–546 title II § 206(a)(2) · 106 Stat. 3590

   1. Redesignated · 7 U.S.C. § 12c

      Pub. L. 102–546 redesignated pars. (1) to (4) as subsecs. (a) to (d), respectively, in subsec. (a) redesignated subpars. (A) and (B) as pars. (1) and (2), respectively, in subsec. (c) substituted references to subsection (b) for references to paragraph (2), in subsec. (d) substituted reference to subsection (a) for reference to paragraph (1)

   2. Added · 7 U.S.C. § 12c

      Pub. L. 102–546 added subsec. (e)

   Source evidence

   Code amendment note
   Pub. L. 102–546 redesignated pars. (1) to (4) as subsecs. (a) to (d), respectively, in subsec. (a) redesignated subpars. (A) and (B) as pars. (1) and (2), respectively, in subsec. (c) substituted references to subsection (b) for references to paragraph (2), in subsec. (d) substituted reference to subsection (a) for reference to paragraph (1), and added subsec. (e).

   Enacted provision · exact public law section
   (2) Major disciplinary rule violations.— Section 8c (7 U.S.C. 12c) is amended— (A) by redesignating subsections (1) through (4) as subsections (a) through (d); (B) in subsection (a), as so redesignated— (i) by striking “(A)” and inserting “(1)”; and (ii) by striking “(B)” and inserting “(2)”; (C) in subsection (c), as so redesignated, by striking “subsection (2)” each place it appears and inserting “subsection (b)”; (D) in subsection (d), as so redesignated, by striking “subsection (1)” and inserting “subsection (a)”; and (E) by adding at the end the following: “(e) (1) The Commission shall issue regulations requiring each contract market to establish and make available to the public a schedule of major violations of any rule within the disciplinary jurisdiction of such contract market. “(2) The regulations issued by the Commission pursuant to this subsection shall prohibit, for a period of time to be determined by the Commission, any individual who is found to have committed any major violation from service on the governing board of any contract market or registered futures association, or on any disciplinary committee thereof.”

4. 2000

   Consolidated Appropriations Act, 2001

   Pub. L. 106–554 § 1(a)(5)(tI)(s123)(a)(20) · 114 Stat. 2763

   Substituted · 7 U.S.C. § 12c(e)

   Pub. L. 106–554 substituted “registered entity” for “contract market” wherever appearing

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 106–554 substituted “registered entity” for “contract market” wherever appearing.

   Enacted provision · exact public law section
   (5) H.R. 5660, as introduced on December 14, 2000.

5 of 5 references resolved to an enrolled provision